Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jan. 27, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Entity Registrant Name | NEUROMETRIX, INC. | |
Entity File Number | 001-33351 | |
Entity Tax Identification Number | 04-3308180 | |
Entity Address, Address Line One | 4B Gill Street | |
Entity Address, City or Town | Woburn | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01801 | |
City Area Code | 781 | |
Local Phone Number | 890-9989 | |
Entity Central Index Key | 0001289850 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 16,974,659 | |
Trading Symbol | NURO | |
Entity Common Stock, Shares Outstanding | 6,992,239 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
ICFR Auditor Attestation Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Document Annual Report | true | |
Entity Interactive Data Current | Yes |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Baker Tilly US, LLP |
Auditor Firm ID | 23 |
Auditor Location | Tewksbury, Massachusetts |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 22,572,104 | $ 5,226,213 |
Accounts Receivable, after Allowance for Credit Loss, Current | 310,818 | 334,297 |
Inventory, Net | 706,553 | 1,051,282 |
Prepaid Expense and Other Assets, Current | 598,384 | 478,074 |
Assets, Current, Total | 24,187,859 | 7,089,866 |
Operating Lease, Right-of-Use Asset | 475,230 | 692,692 |
Assets, Total | 24,888,192 | 7,994,575 |
Other Assets, Noncurrent | 26,400 | 28,523 |
Property, Plant and Equipment, Net | 198,703 | 183,494 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 284,036 | 142,316 |
Accrued Liabilities, Current | 814,155 | 998,442 |
Accrued Sales Return provisions | 39,000 | 545,000 |
Operating Lease, Liability, Current | 228,506 | 599,632 |
Liabilities, Current, Total | 1,365,697 | 2,285,390 |
Liabilities, Total | 1,672,406 | 2,746,800 |
Operating Lease, Liability, Noncurrent | 306,709 | 461,410 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | 668 | 379 |
Additional Paid in Capital | 222,378,374 | 202,129,195 |
Retained Earnings (Accumulated Deficit) | (199,163,257) | (196,881,800) |
Stockholders' Equity Attributable to Parent, Total | 23,215,786 | 5,247,775 |
Liabilities and Equity, Total | $ 24,888,192 | $ 7,994,575 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,680,480 | 3,793,739 |
Common Stock, Shares, Outstanding | 6,680,480 | 3,793,739 |
Convertible Preferred Stock [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Value, Issued | $ 1 | $ 1 |
Preferred Non-Convertible Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Current [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 25,000 | $ 25,000 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Shares, Issued | 6,680,480 | 3,793,739 |
Common Stock, Shares, Outstanding | 6,680,480 | 3,793,739 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 8,253,493 | $ 7,377,975 |
Cost of Revenue | 2,331,833 | 2,128,417 |
Gross Profit, Total | 5,921,660 | 5,249,558 |
Operating Expenses [Abstract] | ||
Research and Development Expense | 2,596,415 | 2,391,316 |
Selling and Marketing Expense | 1,619,711 | 1,436,806 |
General and Administrative Expense | 3,990,141 | 3,516,340 |
Operating Expenses, Total | 8,206,267 | 7,344,462 |
Operating Income (Loss), Total | (2,284,607) | (2,094,904) |
Other Nonoperating Income | 3,150 | 2,709 |
Net Income (Loss) Attributable to Parent, Total | $ (2,281,457) | $ (2,092,195) |
Earnings Per Share, Diluted | $ (0.45) | $ (0.69) |
Earnings Per Share, Basic | $ (0.45) | $ (0.69) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Total | Series B Convertible Preferred Stock | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2019 | $ 2,530,234 | $ 1 | $ 140 | $ 197,319,698 | $ (194,789,605) |
Beginning Balance (in shares) at Dec. 31, 2019 | 200 | 1,400,674 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 599,117 | 599,117 | |||
Stock Issued During Period, Value, New Issues | 4,143,431 | $ 234 | 4,143,197 | ||
Stock Issued During Period, Shares, New Issues | 2,348,619 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 43,751 | $ 3 | 43,748 | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 31,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 23,437 | $ 2 | 23,435 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 13,446 | ||||
Net income (loss) | (2,092,195) | (2,092,195) | |||
Ending Balance at Dec. 31, 2020 | 5,247,775 | $ 1 | $ 379 | 202,129,195 | (196,881,800) |
Ending Balance (in shares) at Dec. 31, 2020 | 200 | 3,793,739 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 698,173 | 698,173 | |||
Stock Issued During Period, Value, New Issues | 19,429,621 | $ 275 | 19,429,346 | ||
Stock Issued During Period, Shares, New Issues | 2,756,705 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 78,500 | $ 5 | 78,495 | ||
Number of options exercised (in shares) | 50,000 | 50,000 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 43,174 | $ 3 | 43,171 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 16,371 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6 | (6) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 33,665 | ||||
Net income (loss) | (2,281,457) | (2,281,457) | |||
Ending Balance at Dec. 31, 2021 | $ 23,215,786 | $ 1 | $ 668 | $ 222,378,374 | $ (199,163,257) |
Ending Balance (in shares) at Dec. 31, 2021 | 200 | 6,650,480 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ 17,345,891 | $ 2,100,007 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,281,457) | (2,092,195) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22,572,104 | 5,226,213 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation, Depletion and Amortization, Nonproduction | 76,378 | 89,954 |
Share-based Payment Arrangement, Noncash Expense | 698,173 | 599,117 |
Research and Development Write-off | 400,000 | 0 |
Compensation Obligation Settlement | 0 | 43,751 |
IdleFacilityImpairmentCharge | 126,748 | 350,000 |
Inventory Write-down | 99,141 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 40,123 | 0 |
Increase (Decrease) in Operating Capital [Abstract] | ||
Increase (Decrease) in Accounts Receivable | 23,479 | (35,330) |
Increase (Decrease) in Inventories | (154,412) | 112,432 |
Increase (Decrease) In Collaboration Receivable | 0 | 189,008 |
Increase (Decrease) in Prepaid Expense and Other Assets | (613,300) | (151,124) |
Increase (Decrease) in Accounts Payable | 141,720 | (583,342) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | (124,287) | (445,132) |
Increase (Decrease) in Accrued Product Returns | (506,000) | (144,000) |
Net Cash Provided by (Used in) Operating Activities | (2,073,694) | (2,066,861) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ||
Payments to Acquire Property, Plant, and Equipment | (131,710) | 0 |
Net Cash Provided by (Used in) Investing Activities | (131,710) | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ||
Net Cash Provided by (Used in) Financing Activities | 19,551,295 | 4,166,868 |
Repayments of Debt | 0 | (773,200) |
Proceeds from Issuance of Debt | 0 | 773,200 |
Proceeds from Issuance or Sale of Equity | 19,551,295 | 4,166,868 |
Supplemental Cash Flow Elements [Abstract] | ||
Stock Issuance Settle Incentive Compensation Obligation | $ 0 | $ 43,751 |
Management Retention and Incent
Management Retention and Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Management Retention and Incentive Plan | 13. Management Retention and Incentive PlanUnder the Company’s Management Retention and Incentive Plan (the “Plan”), a portion of the consideration payable upon a change in control transaction, as defined in the Plan and its amendments, would be paid in cash to certain executive officers and key employees and recorded as compensation expense within the Statement of Operations during the period in which the change of control transaction occurs. |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") develops and commercializes health care products that utilize non-invasive neurostimulation. Revenues are derived from the sale of medical devices and after-market consumable products and accessories. The Company’s products are sold in the United States and select overseas markets. They are cleared by the U.S. Food and Drug Administration ("FDA") and regulators in foreign jurisdictions where appropriate. The Company has two primary products. DPNCheck® is a point-of-care test for diabetic peripheral neuropathy which is the most common long-term complication of Type 2 diabetes. Quell is an app-enabled, over-the-counter wearable device for chronic pain. On June 30, 2021, the Company entered into a Termination Agreement with GSK Consumer Healthcare S.A. ("GSK") pursuant to which the parties terminated the 2018 Development and Services Agreement which provided GSK with license and intellectual property rights for the commercialization of the Quell technology for markets outside the United States. Under the terms of the Termination Agreement, GSK transferred back to NeuroMetrix all of GSK's rights in the Quell technology related to markets outside the United States, including technology improvements and intellectual property. NeuroMetrix agreed to make royalty payments to GSK ranging between 5% and 8% for a ten The Company held cash and cash equivalents of $22.6 million on December 31, 2021. The Company has a history of operating losses and has financed its operations primarily from sales of equity, from collaboration milestone payments, and from sales of its products. The Company believes that its present balance of cash resources coupled with cash inflows from product sales will enable the Company to fund its operations for at least the next twelve months from the date of issuance of the financial statements and therefore that conditions raising substantial doubt in prior periods has been alleviated. Actual cash requirements could differ from management’s projections for many reasons. These include the effects of the Covid-19 pandemic on sales, procurement of production materials, and maintenance of critical staffing. They could also include changes the Company may make to its business strategy that affect operating expenses, regulatory developments, changes to research and development spending plans; and other items affecting the Company’s projected uses of cash. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. Cash equivalents are recorded at cost which approximates fair value. The Company invests cash primarily in a money market account and other investments. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents and trade receivables. The Company invests its cash equivalents in highly rated institutions. At December 31, 2021 and 2020, two customers accounted for 35% and 50% of accounts receivable, respectively. One customer accounted for 27% of revenues for the year ended December 31, 2021 and two customer accounted for 35% of revenues, for the year ended December 31, 2020. Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The net realizable value of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition, and changes in technology. Deterioration in market and economic conditions could adversely affect the recovery of inventory value. Leases The Company presents the lease obligations on the balance sheet, by recording a right-of-use asset and a lease liability for all leases other than those that, at lease commencement, have a lease term of 12 months or less. On the lease commencement date, the Company measures and records a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or if that cannot be readily determined, the Company's incremental borrowing rate. Fair Value The carrying amounts of the Company’s cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their fair value at December 31, 2021 and 2020 due to their short-term nature. Revenue Recognition Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. Accounts Receivable Accounts receivable are recorded in the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of December 31, 2021 and December 31, 2020. Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented due to an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. A two-step evaluation of all tax positions was performed, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide the Company with a comprehensive model for how it should recognize, measure, present, and disclose in its financial statements certain tax positions that it has taken or expects to take on income tax returns. Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, electronic components and overhead directly related to research and development efforts. Product Warranty Costs Product warranty costs are estimated based on historical experience, product failure rates, repair volume and labor costs. Warranty costs are accrued at the time of sale within cost of revenue and periodically reviewed in the aggregate. The liabilities for product warranty costs of $28,400 and $49,600 at December 31, 2021 and 2020, respectively, are included in accrued expenses and compensation in the accompanying balance sheets. Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets which may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If an impairment is indicated, the asset carrying value is reduced to fair value based on market value estimates and assumptions concerning the amount and timing of future cash flows and discount rates. Accounting for Stock-Based Compensation Stock-based compensation cost is recognized ratably over the service period. The Company uses the Black-Scholes option pricing model for determining the fair value of stock options and amortizes stock-based compensation expense using the straight-line method. The Black-Scholes model requires assumptions regarding expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). Net Loss per Common Share Basic and dilutive net loss per common share were as follows: Years Ended December 31, 2021 2020 Net loss applicable to common stockholders $ (2,281,457) $ (2,092,195) Weighted average number of common shares outstanding, basic and dilutive 5,111,045 3,014,497 Net loss per common share applicable to common stockholders, basic and diluted $ (0.45) $ (0.69) The following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2021 2020 Options 461,908 198,484 Warrants — 17,248 Convertible preferred stock 62 62 Total 461,970 215,794 Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $276,263 and $210,548, in 2021 and 2020, respectively. Accumulated Other Comprehensive Items For 2021 and 2020, the Company had no components of other comprehensive income or loss other than net loss. Segments The Company operates in a single segment covering the sale of medical equipment and consumables. The majority of the Company’s assets, revenues, and expenses for 2021 and 2020 were located in or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 14% and 15% of total revenues in 2021 and 2020, respectively. Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, environmental risk such as the COVID-19 pandemic, development by the Company or its competitors of new technological innovations, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the U.S Food and Drug Administration, Federal Trade Commission and other governmental agencies. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | 3. Stock-Based Compensation The Company's 2004 Stock Option and Incentive Plan (the "Stock Plan") amended and restated in 2021 to increase Stock Plan equity award capacity, provides for granting of incentive and nonqualified stock option and stock bonus awards to officers, employees and outside consultants. Outstanding options under the Stock Plan generally vest over four years and terminate 10 years after the grant date, or earlier if the option holder is no longer an executive officer, employee, consultant, advisor or director of the Company. As of December 31, 2021, 939,890 shares of common stock were authorized for issuance under the Stock Plan, of which 138,243 shares had been issued, 504,045 shares were subject to outstanding options at a weighted average exercise price of $3.34 per share and 297,602 shares were available for future grant. The Company's 2009 Non-Qualified Inducement Stock Plan (the “Inducement Plan”) is intended to encourage employees, including prospective employees, upon whose efforts the Company depends for the successful conduct of its business, to acquire an equity interest in the Company. The Inducement Plan provides for the granting of awards, including non-qualified stock options, restricted stock, and unrestricted stock. As of December 31, 2021, 1,250 shares of common stock were authorized for issuance and were available for future grant under the Inducement Plan. The exercise price of stock options awarded under the Stock Plan and the Inducement Plan may not be less than the fair value of the common stock on the date of the option grant. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair value of the Company’s common stock and for a term not to exceed five years. The Company's 2010 Employee Stock Purchase Plan (the "ESPP"), amended and restated in 2021 to increase stock purchase capacity, authorizes an annual increase on the first day of each of the Company’s fiscal years equal to the lesser of (i) 50,000 shares, (ii) 1 percent of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (iii) such lesser number of shares as is determined by the Board. All full-time employees and certain part-time employees are eligible to participate in the ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. Under the ESPP, participating employees can authorize the Company to withhold up to 10% of their earnings during consecutive six-month payment periods for the purchase of the shares. At the conclusion of each period, participating employees can purchase shares at 85% of the lower of their fair value at the beginning or end of the period. The ESPP is regarded as a compensatory plan. For the years ended December 31, 2021 and 2020, the Company issued 16,371 and 13,446 shares of its common stock, respectively, under the ESPP. As of December 31, 2021, there were 136,129 remaining shares to be issued under the ESPP. The Company uses the Black-Scholes option pricing model for determining the fair value of shares of common stock issued or to be issued under the ESPP. The following assumptions were used in determining fair value: The risk-free interest rate assumption is based on the United States Treasury’s constant maturity rate for a three or five year term (corresponding to the expected option term) on the date the option was granted. The expected dividend yield is zero as the Company does not currently pay dividends nor expects to do so during the expected option term. The expected option term of three The weighted average grant-date fair value of stock options used in the calculation of stock-based compensation expense for the years ended December 31, 2021 and 2020 was calculated using the following assumptions: Years Ended December 31, 2021 2020 Risk-free interest rate 1.2%-1.6% 0.8% Expected dividend yield — — Expected option term 10 years 10 years Volatility 70.0 % 70.0% A summary of option activity for the year ended December 31, 2021 is presented below: Number of Weighted Weighted Aggregate Outstanding at December 31, 2020 361,956 $ 3.68 Granted 201,014 2.93 Exercised (50,000) $ 1.57 $ 449,500 Forfeited — — Expired (8,925) 17.80 Outstanding at December 31, 2021 504,045 $ 3.34 8.8 $ — Vested or expected to vest at December 31, 2021 473,797 $ 3.36 8.8 $ — Exercisable at December 31, 2021 473,797 $ 3.36 8.8 $ — Expected to vest options are determined by applying the pre-vesting forfeiture rate to the total outstanding options. Aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock as of December 31, 2021, as applicable, and the exercise price for the in-the-money options) that would have been received by the option holders if all the in-the-money options had been exercised on December 31, 2021. The weighted average per share grant-date fair values of options granted during 2021 and 2020 was $2.93 and $1.57, respectively. The aggregate intrinsic value of options issued or exercised during 2021 was $449,500 and 2020 was $0. Total unrecognized stock-based compensation costs related to non-vested stock options was $55,520, which related to 504,045 shares with a per share weighted fair value of $3.34 as of December 31, 2021. This unrecognized cost is expected to be recognized over a weighted average period of approximately 3.2 years. Cash received from option exercises and purchases under the Stock Plan and ESPP for 2021 and 2020, was $121,674 and $23,436, respectively. The Company issues new shares upon option exercises and purchases under the Company’s ESPP. During 2021, the Company granted 72,808 shares of restricted stock under the 2004 Stock Option Plan. The fair value of restricted stock is calculated based on the closing sale price of the Company's common stock on the date of issuance. As of December 31, 2021, 33,665 shares were vested, 9,143 shares were forfeited in lieu of paying withholding taxes on the vesting of restricted stock and 30,000 shares remain restricted. The Company recorded stock-based compensation expense of $698,173 and $599,117 for 2021 and 2020, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories consist of the following: December 31, 2021 2020 Purchased components $ 422,093 $ 716,848 Finished goods 284,460 334,434 $ 706,553 $ 1,051,282 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 5. Fixed Assets Fixed assets consist of the following: Estimated December 31, 2021 2020 Computer and laboratory equipment 3 $ 913,966 $ 905,966 Furniture and equipment 3 241,413 241,413 Production equipment 7 284,069 216,000 Leasehold improvements * 65,395 141,485 1,504,843 1,504,864 Less – accumulated depreciation (1,306,140) (1,321,370) $ 198,703 $ 183,494 * Lesser of life of lease or estimated useful life. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses and Compensation Accrued expenses and compensation consist of the following for the years ended December 31, 2021 and 2020: December 31, 2021 2020 Professional services $ 109,000 $ 343,000 Compensation 440,474 49,837 Advertising and promotion 1,000 31,000 Warranty 28,400 49,600 Technology fee — 450,000 Leasehold 60,000 — Sales tax 108,788 24,493 Other 66,493 50,512 $ 814,155 $ 998,442 The Company reversed accrued technology fees of $450,000 upon the resolution of licensing issues during the year ended December 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Current income tax expense (benefit) attributable to continuing operations was zero for the years ended December 31, 2021 and 2020. The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2021 and 2020. Years Ended December 31, 2021 2020 Federal tax provision (benefit) rate (21.0) % (21.0) % State tax provision, net of federal provision (4.6) (4.6) Permanent items (2.0) 5.9 Federal research and development credits (2.0) — 382 Limitation - NOL and tax credits — (1.9) Other — (0.3) Valuation allowance 29.6 21.9 Effective income tax rate — — The Company’s deferred tax assets consist of the following: December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 2,247,647 $ 2,211,161 Research and development credit carryforwards 92,465 43,667 Accrued expenses 117,795 112,995 Inventory reserve 23,396 311,639 Stock-based compensation 325,695 245,988 Right of use asset 134,950 290,268 Other 5,637 — Total gross deferred tax assets 2,947,585 3,215,718 Valuation allowance (2,827,759) (3,012,513) Deferred tax liabilities: Lease liability $ (119,826) $ (189,498) Other $ — $ (13,707) Net deferred tax assets $ — $ — At December 31, 2021, the Company had federal net operating loss carryforwards (“NOL”) of approximately $137.8 million, of which $129.2 million began to expire in 2022 and $8.6 million have an indefinite carryforward. At December 31, 2021, the Company had state NOLs of $54.5 million, some of which have an indefinite carryforward, and others that begin to expire in 2025. At December 31, 2021, the Company has federal and state tax credits of approximately $1.8 million and $0.8 million, respectively, which may be available to reduce future taxable income and related taxes thereon. These amounts include tax benefits of approximately $2.5 million and $75,000 attributable to NOL and tax credit carryforwards, respectively, that result from the exercise of employee stock options. The Company experienced an ownership change in 2019 as defined under Internal Revenue Service Regulations, which significantly reduced the tax benefits associated with these carryforwards under Internal Revenue Code Sections 382 and 383. The federal NOLs, the state NOLs, and the federal and state research and development credits each began to expire in 2021. In accordance with the provisions of the Income Taxes topic of the Codification, the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating losses. Management has determined that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets and, as a result, a valuation allowance of approximately $2.8 million and $3.0 million has been established at December 31, 2021 and 2020, respectively. The Company experienced a change in control during 2019. Accordingly, utilization of their respective consolidated and/ or separately computed NOL's and/ or tax credit carryforwards is subject to an annual limitation for federal tax purposes under Internal Revenue Code Sections 382 and 383. Due to this change in control, the Company estimates that approximately $132.5 million of federal NOL's and/or tax credit carryforwards are effectively eliminated according to the Internal Revenue Code Sections 382 and 383 limitations. A large portion of state NOLs and/ or tax credit carry forwards are also eliminated. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2021 or 2020. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from December 31, 2018 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities (the “Woburn Lease”) extends through September 2025 at a monthly base rent of $13,846 and with a 5-year extension option. The Company's lease on its former corporate office in Waltham, Massachusetts (the "Waltham lease") extends through February 2022 at a current monthly rent of $41,074, subject to annual increase, and with a 5-year extension option. A letter of credit in the amount of $226,731, secured by the Company's cash balances, was issued by a bank in favor of the Waltham lease landlord. On August 15, 2021 the Company sublet its previously written off Waltham facility to a third party for a monthly base rent of $20,929 for the remaining lease term. For the year ended December 31, 2021 the Company recorded sublet income totaling $125,739 within operating expenses on the Company's Statement of Operations. The impairment charges recorded within the Company's Statement of Operations for the year ended December 31, 2021 and 2020 were $126,748 and $350,000, respectively. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2021: 2022 $ 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 696,348 Weighted-average discount rate, 14.9% $ 161,133 Lease obligation, current portion 228,506 Lease obligation, net of current portion 306,709 $ 696,348 Total recorded rent expense net of sublet income was $201,496 and $667,618, for 2021 and 2020, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. Weighted average remaining operating lease term was 3.2 years as of December 31, 2021. Contingencies |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value for the periods presented and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. December 31, 2021 Fair Value Measurements at December 31, 2021 Using Quoted Prices in Significant Significant Assets: Cash equivalents $ 20,317,736 $ 20,317,736 $ — $ — Total $ 20,317,736 $ 20,317,736 $ — $ — December 31, 2020 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Significant Assets: Cash equivalents $ 2,374,216 $ 2,374,216 $ — $ — Total $ 2,374,216 $ 2,374,216 $ — $ — |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 10. Retirement Plan The Company maintains a 401(k) defined contribution savings plan for its employees who meet certain service period and age requirements. Contributions are permitted up to the maximum allowed under the Internal Revenue Code of each covered employee’s salary. The savings plan permits the Company to contribute at its discretion. In 2021 and 2020 the Company made no contributions to the plan. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Credit Facility | 11. Debt In April 2020 the Company borrowed $773,200 under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act and fully repaid the loan in May 2020. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: December 31, 2021 2020 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2021 and 2020, and 200 shares issued and outstanding at December 31, 2021 and 2020, respectively 1 1 Preferred stock activity As of December 31, 2021, 200 shares of Series B Preferred Stock remained outstanding. There were no preferred stock conversions in 2021. Other equity activity In February 2020, the Company entered into an At Market Issuance Sales Agreement, and in October 2021 the Company entered into a new At Market Issuance Sales Agreement (together, the "ATM Agreement") with respect to an at-the-market equity offering program ("ATM program"), under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share, (the "Placement Shares"). The issuance and sale of the Placement Shares by the Company under the ATM Agreement are made pursuant to the Company's effective "shelf" registration statement on Form S-3. During the year ended December 31, 2020, 2,348,619 shares of common stock were issued pursuant to the ATM Agreement for net proceeds of $4,143,431. In March 2020, the Company issued 31,000 shares of fully vested common stock with a value of $43,751 pursuant to a Separation Agreement between the Company and an employee. The shares issued reflected the $1.41 closing price of the Company's common stock as reported on the Nasdaq Capital Market on March 11, 2020. In June and December 2020, the Company issued 13,446 shares of fully vested common stock with a value of $23,437 pursuant to the Company's 2010 Employee Stock Purchase Plan. In May 2021, the Company issued 42,808 shares of restricted common stock with a value of $125,000 under its 2004 Stock Option Plan. As of December 31, 2021, 33,665 shares were vested, 9,143 shares were forfeited in lieu of paying withholding taxes on the vesting of restricted stock and no shares remain restricted. In August 2021, the Company issued 50,000 shares of fully vested common stock with a value of $78,500 upon the exercise of stock options pursuant to the Company's 2004 Stock Option Plan. In October 2021, the Company issued 30,000 shares of restricted common stock with a value of $273,000 under its 2004 Stock Option Plan and as of December 31, 2021 they all remain restricted. During the year ended December 31, 2021, the Company issued 2,756,705 shares of its common stock, pursuant to the ATM Agreement for net proceeds of $19,429,621. During the year ended December 31, 2021, the Company issued 16,371 shares of fully vested common stock with a value of $43,174 pursuant to the Company's 2010 Employee Stock Purchase Plan. As of December 31, 2021, the Company had 25,000,000 shares of common stock authorized and 6,680,480 shares issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors. At December 31, 2021, the Company has reserved authorized shares of common stock for future issuance as follows: Outstanding stock options 504,045 Possible future issuance under inducement plan 1,250 Possible future issuance under stock option plans 297,602 Possible future issuance under employee stock purchase plan 136,129 Total 939,026 Subsequently from January 1, 2022 to January 27, 2022 the Company issued 292,500 shares of common stock under its ATM program with net proceeds of $1,943,052 and issued 20,000 restricted stock awards under its 2004 Stock Option Plan with a value of $104,200. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II — Valuation and Qualifying Accounts Description Balance at Charged to Charged to Recoveries/ Balance at December 31, 2021 Allowance for Doubtful Accounts $ 25,000 $ — $ — $ — $ 25,000 Deferred Tax Asset Valuation Allowance 3,012,513 2,312,087 — (2,574,806) (1) 2,749,794 Accrued Product Returns 545,000 — (506,000) 39,000 Warranty Reserve 49,600 — — (21,200) 28,400 December 31, 2020 Allowance for Doubtful Accounts $ 70,000 $ — $ — $ (45,000) $ 25,000 Deferred Tax Asset Valuation Allowance 2,208,843 3,427,540 — (2,623,870) (1) 3,012,513 Accrued Product Returns 689,000 — — (144,000) 545,000 Warranty Reserve 75,300 — — (25,700) 49,600 (1) Expiration of Federal and State Net Operating Loss Carryforwards and other reductions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. Cash equivalents are recorded at cost which approximates fair value. The Company invests cash primarily in a money market account and other investments. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents and trade receivables. The Company invests its cash equivalents in highly rated institutions. |
Inventories | Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The net realizable value of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition, and changes in technology. Deterioration in market and economic conditions could adversely affect the recovery of inventory value. |
Fair Value | Fair ValueThe carrying amounts of the Company’s cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their fair value at December 31, 2021 and 2020 due to their short-term nature. |
Revenue Recognition | Revenue Recognition Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. |
Accounts Receivable | Accounts ReceivableAccounts receivable are recorded in the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of December 31, 2021 and December 31, 2020. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented due to an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. A two-step evaluation of all tax positions was performed, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide the Company with a comprehensive model for how it should recognize, measure, present, and disclose in its financial statements certain tax positions that it has taken or expects to take on income tax returns. |
Research and Development | Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, electronic components and overhead directly related to research and development efforts. |
Product Warranty Costs | Product Warranty Costs Product warranty costs are estimated based on historical experience, product failure rates, repair volume and labor costs. Warranty costs are accrued at the time of sale within cost of revenue and periodically reviewed in the aggregate. The liabilities for product warranty costs of $28,400 and $49,600 at December 31, 2021 and 2020, respectively, are included in accrued expenses and compensation in the accompanying balance sheets. |
Fixed Assets and Long-Lived Assets | Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets which may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If an impairment is indicated, the asset carrying value is reduced to fair value based on market value estimates and assumptions concerning the amount and timing of future cash flows and discount rates. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Stock-based compensation cost is recognized ratably over the service period. The Company uses the Black-Scholes option pricing model for determining the fair value of stock options and amortizes stock-based compensation expense using the straight-line method. The Black-Scholes model requires assumptions regarding expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). |
Net Loss per Common Share | Net Loss per Common Share Basic and dilutive net loss per common share were as follows: Years Ended December 31, 2021 2020 Net loss applicable to common stockholders $ (2,281,457) $ (2,092,195) Weighted average number of common shares outstanding, basic and dilutive 5,111,045 3,014,497 Net loss per common share applicable to common stockholders, basic and diluted $ (0.45) $ (0.69) The following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2021 2020 Options 461,908 198,484 Warrants — 17,248 Convertible preferred stock 62 62 Total 461,970 215,794 |
Advertising and Promotional Costs | Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $276,263 and $210,548, in 2021 and 2020, respectively. |
Accumulated Other Comprehensive Items | Accumulated Other Comprehensive Items For 2021 and 2020, the Company had no components of other comprehensive income or loss other than net loss. |
Segments | Segments The Company operates in a single segment covering the sale of medical equipment and consumables. The majority of the Company’s assets, revenues, and expenses for 2021 and 2020 were located in or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 14% and 15% of total revenues in 2021 and 2020, respectively. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, environmental risk such as the COVID-19 pandemic, development by the Company or its competitors of new technological innovations, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the U.S Food and Drug Administration, Federal Trade Commission and other governmental agencies. |
Lessee, Leases | LeasesThe Company presents the lease obligations on the balance sheet, by recording a right-of-use asset and a lease liability for all leases other than those that, at lease commencement, have a lease term of 12 months or less. On the lease commencement date, the Company measures and records a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or if that cannot be readily determined, the Company's incremental borrowing rate. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and dilutive net loss per common share were as follows: Years Ended December 31, 2021 2020 Net loss applicable to common stockholders $ (2,281,457) $ (2,092,195) Weighted average number of common shares outstanding, basic and dilutive 5,111,045 3,014,497 Net loss per common share applicable to common stockholders, basic and diluted $ (0.45) $ (0.69) |
Schedule of Anti-Dilutive Securities | The following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2021 2020 Options 461,908 198,484 Warrants — 17,248 Convertible preferred stock 62 62 Total 461,970 215,794 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Weighted Average Grant-Date Fair Value of Stock Options | The weighted average grant-date fair value of stock options used in the calculation of stock-based compensation expense for the years ended December 31, 2021 and 2020 was calculated using the following assumptions: Years Ended December 31, 2021 2020 Risk-free interest rate 1.2%-1.6% 0.8% Expected dividend yield — — Expected option term 10 years 10 years Volatility 70.0 % 70.0% |
Summary of Option Activity | A summary of option activity for the year ended December 31, 2021 is presented below: Number of Weighted Weighted Aggregate Outstanding at December 31, 2020 361,956 $ 3.68 Granted 201,014 2.93 Exercised (50,000) $ 1.57 $ 449,500 Forfeited — — Expired (8,925) 17.80 Outstanding at December 31, 2021 504,045 $ 3.34 8.8 $ — Vested or expected to vest at December 31, 2021 473,797 $ 3.36 8.8 $ — Exercisable at December 31, 2021 473,797 $ 3.36 8.8 $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: December 31, 2021 2020 Purchased components $ 422,093 $ 716,848 Finished goods 284,460 334,434 $ 706,553 $ 1,051,282 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed assets consist of the following: Estimated December 31, 2021 2020 Computer and laboratory equipment 3 $ 913,966 $ 905,966 Furniture and equipment 3 241,413 241,413 Production equipment 7 284,069 216,000 Leasehold improvements * 65,395 141,485 1,504,843 1,504,864 Less – accumulated depreciation (1,306,140) (1,321,370) $ 198,703 $ 183,494 * Lesser of life of lease or estimated useful life. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Expenses | Accrued expenses and compensation consist of the following for the years ended December 31, 2021 and 2020: December 31, 2021 2020 Professional services $ 109,000 $ 343,000 Compensation 440,474 49,837 Advertising and promotion 1,000 31,000 Warranty 28,400 49,600 Technology fee — 450,000 Leasehold 60,000 — Sales tax 108,788 24,493 Other 66,493 50,512 $ 814,155 $ 998,442 The Company reversed accrued technology fees of $450,000 upon the resolution of licensing issues during the year ended December 31, 2021. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2021 and 2020. Years Ended December 31, 2021 2020 Federal tax provision (benefit) rate (21.0) % (21.0) % State tax provision, net of federal provision (4.6) (4.6) Permanent items (2.0) 5.9 Federal research and development credits (2.0) — 382 Limitation - NOL and tax credits — (1.9) Other — (0.3) Valuation allowance 29.6 21.9 Effective income tax rate — — |
Schedule of Deferred Tax Assets | The Company’s deferred tax assets consist of the following: December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 2,247,647 $ 2,211,161 Research and development credit carryforwards 92,465 43,667 Accrued expenses 117,795 112,995 Inventory reserve 23,396 311,639 Stock-based compensation 325,695 245,988 Right of use asset 134,950 290,268 Other 5,637 — Total gross deferred tax assets 2,947,585 3,215,718 Valuation allowance (2,827,759) (3,012,513) Deferred tax liabilities: Lease liability $ (119,826) $ (189,498) Other $ — $ (13,707) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2021: 2022 $ 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 696,348 Weighted-average discount rate, 14.9% $ 161,133 Lease obligation, current portion 228,506 Lease obligation, net of current portion 306,709 $ 696,348 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | December 31, 2021 Fair Value Measurements at December 31, 2021 Using Quoted Prices in Significant Significant Assets: Cash equivalents $ 20,317,736 $ 20,317,736 $ — $ — Total $ 20,317,736 $ 20,317,736 $ — $ — December 31, 2020 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Significant Assets: Cash equivalents $ 2,374,216 $ 2,374,216 $ — $ — Total $ 2,374,216 $ 2,374,216 $ — $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Preferred stock and convertible preferred stock | Preferred stock and convertible preferred stock consist of the following: December 31, 2021 2020 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2021 and 2020, and 200 shares issued and outstanding at December 31, 2021 and 2020, respectively 1 1 |
Reserved Authorized Shares of Common Stock for Future Issuance | At December 31, 2021, the Company has reserved authorized shares of common stock for future issuance as follows: Outstanding stock options 504,045 Possible future issuance under inducement plan 1,250 Possible future issuance under stock option plans 297,602 Possible future issuance under employee stock purchase plan 136,129 Total 939,026 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Organization And Basis Of Presentation [Line Items] | |||
Substantial Doubt about Going Concern, within One Year [true false] | false | ||
Cash and Cash Equivalents, at Carrying Value | $ 22,572,104 | $ 5,226,213 | |
GSK | Quell Devices | |||
Organization And Basis Of Presentation [Line Items] | |||
Royalty Payments Term | 10 years | ||
Maximum | GSK | Quell Devices | |||
Organization And Basis Of Presentation [Line Items] | |||
Royalty Payment Percentage | 8.00% | ||
Minimum | GSK | Quell Devices | |||
Organization And Basis Of Presentation [Line Items] | |||
Royalty Payment Percentage | 5.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Marketing and Advertising Expense [Abstract] | ||
Advertising and promotion expense | $ 276,263 | $ 210,548 |
Segment Reporting [Abstract] | ||
Revenues from sales outside the United States, percentage | 14.00% | 15.00% |
Product Warranties Disclosures [Abstract] | ||
Liabilities for product warranty costs | $ 28,400 | $ 49,600 |
Accounts Receivable, Allowance for Credit Loss, Current | 25,000 | 25,000 |
Retained Earnings (Accumulated Deficit) | (199,163,257) | (196,881,800) |
Other Comprehensive Income (Loss), Net of Tax | $ 0 | $ 0 |
Accounts Receivable [Member] | Two Customers [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 35.00% | 50.00% |
Revenue Benchmark [Member] | Two Customers [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 35.00% | |
Revenue Benchmark [Member] | One Customer [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 27.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (2,281,457) | $ (2,092,195) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (2,281,457) | $ (2,092,195) |
Weighted Average Number of Shares Outstanding, Diluted | 5,111,045 | 3,014,497 |
Weighted Average Number of Shares Outstanding, Basic | 5,111,045 | 3,014,497 |
Earnings Per Share, Diluted | $ (0.45) | $ (0.69) |
Earnings Per Share, Basic | $ (0.45) | $ (0.69) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 461,970 | 215,794 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 461,908 | 198,484 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 0 | 17,248 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 62 | 62 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares outstanding (in shares) | 504,045 | 361,956 |
Weighted average exercise price (in usd per share) | $ 3.34 | $ 3.68 |
Weighted average grant-date fair value of options granted (in usd per share) | $ 2.93 | $ 1.57 |
Aggregate instrinsic value of options issued or exercised | $ 449,500 | $ 0 |
Unrecognized stock-based compensation costs related to non-vested stock options | $ 55,520 | |
Non-vested stock options (in shares) | 504,045 | |
Weighted average fair value of non-vested stock options (in usd per share) | $ 3.34 | |
Weighted average period of recognition | 3 years 2 months 12 days | |
Stock-based compensation expense | $ 698,173 | $ 599,117 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
2004 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Expiration period | 10 years | |
Shares authorized (in shares) | 939,890 | |
Shares outstanding (in shares) | 504,045 | |
Weighted average exercise price (in usd per share) | $ 3.34 | |
Shares available for future grant (in shares) | 297,602 | |
Shares, Issued | 138,243 | |
2009 Inducement Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant (in shares) | 1,250 | |
2004 Stock Plan and 2009 Inducement Plan | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of combined voting power of all classes of stock | 10.00% | |
Percentage of fair value of common stock at date of grant | 110.00% | |
2004 Stock Plan and 2009 Inducement Plan | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
2010 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period (in shares) | 16,371 | 13,446 |
Shares available for future grant (in shares) | 136,129 | |
Percentage of fair value of common stock at date of grant | 85.00% | |
Maximum percentage of earnings employee can authorize to withhold, percentage | 10.00% | |
Award vesting rights | All full-time employees and certain part-time employees are eligible to participate in the ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
2010 ESPP | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |
2010 ESPP | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |
Share Based Compensation Arrangement By Share Based Payment Award Annual Increase Amount | 50,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Annual Increase Percentage | 1.00% | |
Stock Plan and ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from option exercises and purchases | $ 121,674 | $ 23,436 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Grant-Date Fair Value Used in the Calculation of Stock-Based Compensation Expense (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 70.00% | 70.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.20% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options outstanding, beginning balance (in shares) | shares | 361,956 |
Number of options granted (in shares) | shares | 201,014 |
Number of options exercised (in shares) | shares | 50,000 |
Number of options forfeited (in shares) | shares | 0 |
Number of options expired (in shares) | shares | (8,925) |
Number of options outstanding, ending balance (in shares) | shares | 504,045 |
Number of options vested or expected to vest (in shares) | shares | 473,797 |
Number of options exercisable (in shares) | shares | 473,797 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price of options outstanding, beginning of period (in usd per share) | $ / shares | $ 3.68 |
Weighted average exercise price of options granted (in usd per share) | $ / shares | 2.93 |
Weighted average exercise price of options exercised (in usd per share) | $ / shares | 1.57 |
Weighted average exercise price of options forfeited (in usd per share) | $ / shares | 0 |
Weighted average exercise price of options expired (in usd per share) | $ / shares | 17.80 |
Weighted average exercise price of options outstanding, end of period (in usd per share) | $ / shares | 3.34 |
Weighted average exercise price of options vested or expected to vest (in usd per share) | $ / shares | 3.36 |
Weighted average exercise price of options exercisable (in usd per share) | $ / shares | $ 3.36 |
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value | |
Weighted average remaining contractual life of options outstanding (in years) | 8 years 9 months 18 days |
Weighted average remaining contractual life of options vested or expected to vest (in years) | 8 years 9 months 18 days |
Weighted average remaining contractual life of options exercisable (in years) | 8 years 9 months 18 days |
Aggregate intrinsic value of options outstanding | $ | $ 0 |
Aggregate intrinsic value of options vested and expected to vest | $ | 0 |
Aggregate intrinsic value of options exercisable | $ | $ 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 422,093 | $ 716,848 |
Inventory, Finished Goods, Net of Reserves | 284,460 | 334,434 |
Inventories | 706,553 | 1,051,282 |
Research and Development Write-off | $ 400,000 | $ 0 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,504,843 | $ 1,504,864 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,306,140) | (1,321,370) |
Fixed assets, net | $ 198,703 | 183,494 |
Computer And Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 913,966 | 905,966 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 241,413 | 241,413 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 7 years | |
Fixed assets, gross | $ 284,069 | 216,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | Lesser of life of lease or estimated useful life. | |
Fixed assets, gross | $ 65,395 | $ 141,485 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 76,378 | $ 89,954 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Technology Fees | $ 0 | $ 450,000 |
Accrued Leaseholds Current | 60,000 | 0 |
Sales and Excise Tax Payable, Current | 108,788 | 24,493 |
Accrued Professional Fees, Current | 109,000 | 343,000 |
Accrued Salaries, Current | 440,474 | 49,837 |
Accrued Advertising, Current | 1,000 | 31,000 |
Product Warranty Accrual, Current | 28,400 | 49,600 |
Other Accrued Liabilities, Current | 66,493 | 50,512 |
Accrued expenses | $ 814,155 | $ 998,442 |
Income Taxes Income Taxes - Eff
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | (21.00%) | (21.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (4.60%) | (4.60%) |
EffectiveIncomeTaxRateReconciliationImpactOfPermanentDifferences | (2.00%) | 5.90% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | (2.00%) | 0.00% |
Effective Income Tax Rate Reconciliation 382 Limitation | 0.00% | (1.90%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.00% | 0.30% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 29.60% | 21.90% |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Credit Carryforward [Line Items] | ||
Current Federal, State and Local, Tax Expense (Benefit) | $ 0 | $ 0 |
NOLAndTaxCreditCarryforwardsEliminated | $ 132,500,000 | |
Federal tax provision (benefit) rate | 21.00% | 21.00% |
Deferred tax assets, valuation allowance | $ 2,827,759 | $ 3,012,513 |
Tax benefits attributable to tax credit caryforwards | 75,000 | |
Tax benefits attributable to NOL | $ 2,500,000 | |
Minimum | ||
Tax Credit Carryforward [Line Items] | ||
Open Tax Year | 2018 | |
Federal Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
TaxCreditCarryforwardsExpirationBeginningYear | 2021 | |
Tax credit carryforwards | $ 1,800,000 | |
Net operating loss carryforwards | $ 137,800,000 | |
Operating Loss Carryforwards, Expiration Date | 2021 | |
Federal Tax Authority | Indefinite [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 8,600,000 | |
Federal Tax Authority | Expiration Begins 2022 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 129,200,000 | |
State Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
TaxCreditCarryforwardsExpirationBeginningYear | 2021 | |
Tax credit carryforwards | $ 800,000 | |
Net operating loss carryforwards | $ 54,500,000 | |
Operating Loss Carryforwards, Expiration Date | 2021 | |
State Tax Authority | Portion of Current [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 2025 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 2,247,647 | $ 2,211,161 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 92,465 | 43,667 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 117,795 | 112,995 |
Deferred Tax Assets, Inventory | 23,396 | 311,639 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 325,695 | 245,988 |
Deferred Tax Assets Right Of Use Assets | 134,950 | 290,268 |
Deferred Tax Assets, Other | 5,637 | 0 |
Deferred Tax Assets, Gross, Total | 2,947,585 | 3,215,718 |
Deferred Tax Assets, Valuation Allowance | (2,827,759) | (3,012,513) |
Deferred Tax Liabilities Lease Liability | (119,826) | (189,498) |
Deferred Tax Liabilities, Other | 0 | (13,707) |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Operating Lease, Weighted Average Discount Rate, Percent | 14.90% | 14.90% | |
Operating Lease, Expense | $ 201,496 | $ 667,618 | |
IdleFacilityImpairmentCharge | 126,748 | $ 350,000 | |
Sublease Income | $ 125,739 | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 2 months 12 days | 3 years 2 months 12 days | |
Waltham Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease, renewal term | 5 years | 5 years | |
Credit facility limit restricted to support letter of credit | $ 226,731 | $ 226,731 | |
Woburn Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease, renewal term | 5 years | 5 years | |
Monthly Rent [Member] | Waltham Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Payments | $ 41,074 | ||
Sublease Income | $ 20,929 | ||
Monthly Rent [Member] | Woburn Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Payments | $ 13,846 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 247,347 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 165,785 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 165,785 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 117,431 | |
Lessee, Operating Lease, Liability, to be Paid | 696,348 | |
Operating Lease Discount | 161,133 | |
Operating Lease, Liability, Current | 228,506 | $ 599,632 |
Operating Lease, Liability, Noncurrent | $ 306,709 | $ 461,410 |
Operating Lease, Weighted Average Discount Rate, Percent | 14.90% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 20,317,736 | $ 2,374,216 |
Assets, Fair Value Disclosure | 20,317,736 | 2,374,216 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 20,317,736 | 2,374,216 |
Assets, Fair Value Disclosure | 20,317,736 | 2,374,216 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Retirement Plan Retirement Plan
Retirement Plan Retirement Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Contributions to the plan | $ 0 | $ 0 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - Paycheck Protection Program [Member] - USD ($) | May 06, 2020 | Apr. 28, 2020 |
Line of Credit Facility [Line Items] | ||
Repayments of Bank Debt | $ 773,200 | |
Proceeds from Bank Debt | $ 773,200 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Series B Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 200 | 200 |
Preferred stock, shares issued (in shares) | 200 | 200 |
Preferred stock, shares designated (in shares) | 147,000 | 147,000 |
Preferred Stock, Value, Issued | $ 1 | $ 1 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Non-Convertible Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Jan. 26, 2022 | Oct. 31, 2021 | Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 11, 2020 | Feb. 29, 2020 | |
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 43,174 | $ 23,437 | |||||||
Common Stock, Shares, Outstanding | 6,680,480 | 3,793,739 | |||||||
Common Stock, Voting Rights | Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||||||
Proceeds from Issuance or Sale of Equity | $ 19,551,295 | $ 4,166,868 | |||||||
Common Stock, Shares, Issued | 6,680,480 | 3,793,739 | |||||||
Number of options exercised (in shares) | 50,000 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 78,500 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 3 | $ 2 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 16,371 | 13,446 | |||||||
Stock Issued During Period, Shares, New Issues | 2,756,705 | 2,348,619 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 33,665 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6 | ||||||||
Number of options exercised (in shares) | 50,000 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 5 | ||||||||
At The Market Offering Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from Issuance of Common Stock | $ 19,429,621 | $ 4,143,431 | |||||||
Stock Issued During Period, Shares, New Issues | 2,348,619 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||||||
Series B Convertible Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Outstanding | 200 | 200 | |||||||
Preferred stock, shares designated (in shares) | 147,000 | 147,000 | |||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 43,174 | $ 23,437 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 16,371 | 13,446 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 30,000 | 42,808 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 273,000 | $ 125,000 | |||||||
Number of options exercised (in shares) | 50,000 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 78,500 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 33,665 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 9,143 | ||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 20,000 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 104,200 | ||||||||
Common Stock [Member] | At The Market Offering Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 2,756,705 | ||||||||
Common Stock [Member] | At The Market Offering Program [Member] | Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from Issuance of Common Stock | $ 1,943,052 | ||||||||
Stock Issued During Period, Shares, New Issues | 292,500 | ||||||||
Separation Agreement [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued during period (in shares) | 31,000 | ||||||||
Stock Issued During Period, Value, Other | $ 43,751 | ||||||||
Share price (in dollars per share) | $ 1.41 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2021shares |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 939,026 |
Inducement Plan | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 1,250 |
Stock Option Plans | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 297,602 |
Employee Stock Purchase Plan | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 136,129 |
Outstanding Stock Options | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 504,045 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | $ 25,000 | $ 70,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 25,000 | 25,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (45,000) | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 3,012,513 | 2,208,843 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 2,312,087 | 3,427,540 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 2,749,794 | 3,012,513 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (2,574,806) | (2,623,870) |
SalesReturnsReservesMember [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 545,000 | 689,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 39,000 | 545,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (506,000) | (144,000) |
SEC Schedule, 12-09, Reserve, Warranty [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 49,600 | 75,300 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 28,400 | 49,600 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | $ (21,200) | $ (25,700) |
Uncategorized Items - nuro-2021
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 3,126,206 |